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Energy Transfer Operating, L.P. Announces Pricing of Series E Preferred Unit Offering

Nachrichtenquelle: Business Wire (engl.)
18.04.2019, 00:10  |  510   |   |   

Energy Transfer Operating, L.P. (formerly, Energy Transfer Partners, L.P., and a subsidiary of Energy Transfer LP) (“ETO”) today announced it has priced an underwritten public offering of 28,000,000 of its 7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series E Preferred Units”) at a price of $25.00 per unit, resulting in total proceeds of $700 million. The underwriters have a 30-day option to purchase up to 4,200,000 additional Series E Preferred Units.

Distributions on the Series E Preferred Units will accrue and be cumulative from and including the date of original issue to, but excluding, May 15, 2024, at a rate of 7.600% per annum of the stated liquidation preference of $25.00. On and after May 15, 2024, distributions on the Series E Preferred Units will accumulate at a percentage of the $25.00 liquidation preference equal to an annual floating rate of the three-month LIBOR, determined quarterly, plus a spread of 5.161% per annum. The Series E Preferred Units are redeemable at ETO’s option on or after May 15, 2024 at a redemption price of $25.00 per Series E Preferred Unit, plus an amount equal to all accumulated and unpaid distributions thereon to, but excluding, the date of redemption.

The offering of the Series E Preferred Units is expected to close on or about April 25, 2019, subject to the satisfaction of customary closing conditions.

ETO intends to use the net proceeds from the offering to repay amounts outstanding under its revolving credit facility and for general partnership purposes.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC are acting as underwriters of the offering. When available, copies of the prospectus supplement and prospectus relating to the offering may be obtained by sending a request to:

Merrill Lynch, Pierce, Fenner & Smith


200 North College Street
Charlotte, North Carolina 28255-001
Attention: Prospectus Department
Telephone: 1-800-294-1322

Email: dg.prospectus_requests@baml.com

Morgan Stanley & Co. LLC
Attention: Prospectus Department
180 Varick Street, 2nd Floor
New York, New York 10014
Telephone: 1-866-718-1649

Email: prospectus@morganstanley.com

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